The Nigerian Nationwide Petroleum Company Restricted (NNPCL) has launched its newest crude oil grade, the Utapate crude oil mix, to the worldwide market.
In an announcement issued on Wednesday in Abuja, the Chief Company Communications Officer, Olufemi Soneye, introduced that the brand new product was showcased earlier than a big gathering of European crude oil entrepreneurs on the Argus European Crude Convention in London, England.
Soneye disclosed that NNPCL intends to double manufacturing from the Utapate grade by the top of 2025, growing output from the present 40,000 barrels per day to 80,000 barrels per day.
The Utapate crude oil mix, extracted from the Utapate discipline in Oil Mining Lease 13 situated in Akwa Ibom State, is just like the Nembe crude oil grade. With a low sulphur content material of 0.0655% and a lowered carbon footprint as a result of elimination of flare gasoline, it meets the stringent specs of main European consumers.
“In a significant increase for Nigeria’s crude oil manufacturing, income technology and financial development efforts, the NNPC Ltd. has formally unveiled its newest crude oil grade, the Utapate crude oil mix, earlier than the worldwide crude oil market.
“It will be recalled that in July 2024, NNPC Ltd. And its companion, the Sterling Oil Exploration & Vitality Manufacturing Firm (SEEPCO) Ltd. Launched the Utapate crude oil mix, following the lifting of the primary cargo of 950,000 barrels which headed for Spain.
“Throughout a ceremony held on the Argus European Crude Convention happening in London, United Kingdom, on Wednesday, the Managing Director, NNPC E & P Restricted (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil mix into the market as a big milestone for Nigeria’s crude oil export to the worldwide power market,” Soneye mentioned.
Extra Insights
Talking on the occasion, the Managing Director of NNPC E&P Restricted, Nicholas Foucart, described the launch of the Utapate crude oil mix as a landmark achievement for Nigeria’s crude oil export to the worldwide power market.
“Since we began producing the Utapate in Might 2024, now we have quickly ramped up manufacturing to 40,000 barrels per day with minimal downtime. Up to now, now we have exported 5 cargoes, largely to Spain and the East Coast of the USA; whereas two extra extra cargoes have been secured for November and December 2024, representing a big increase to Nigeria’s crude oil export to the worldwide market,” he mentioned.
Foucart mentioned the Oil Mining Lease (OML) 13, absolutely operated by NEPL and Pure Oilfield Companies Ltd (NOSL), a subsidiary of SEEPCO Ltd, boasts an enormous reserve of 330million barrels of crude oil, 45 million barrels of condensate and three.5 tcf of gasoline.
“We now have a lot of ongoing tasks to extend our manufacturing from the present 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025. Basically, we’re focusing on alternatives to extend manufacturing to 80,000bopd by the top of 2025,” Foucart added.
What you must
Nairametrics lately reported that the NNPC introduced that it hit 1.8 million bdp crude oil manufacturing in November.
- The nationwide oil firm mentioned it is usually focusing on about 2 million bpd by the top of the yr.
- NNPC added that the interventions that led to the restoration of manufacturing lower throughout each section of the manufacturing chain with safety businesses carefully monitoring the pipelines.
- A rise in crude oil manufacturing would imply a rise in international change earnings for Nigeria, which might assist stabilize the native foreign money, the naira, which is but to search out its stability within the international change market.
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